KVORUM
aaveSource: Aave governance v3 · #428

Listing of PT Ethena April Maturity on Plasma Instance

executedJan 6, 2026, 11:37 AM UTCby570x57ab…2922

01Summary

AISummary by Kvorumclaude-haiku-4-5

Proposal to onboard two new Pendle yield tokens (PT-USDe-9APR2026 and PT-sUSDe-9APR2026) on Aave V3 Plasma Instance as collateral, with supply caps of 40M and 100M respectively. These tokens will replace expiring January 2026 versions and include two E-mode categories for enhanced capital efficiency with USDe-related assets.

Type
protocol addition

Key changes

  • Onboard PT-USDe-9APR2026 token with 40M supply cap, set as collateral with 0.05% LTV and 0.1% LT(high)
  • Onboard PT-sUSDe-9APR2026 token with 100M supply cap, set as collateral with 0.05% LTV and 0.1% LT(high)
  • Create PT-USDe Stablecoins and PT-USDe USDe E-modes with LTV up to 87.2% and LT up to 89.2%(high)
  • Create PT-sUSDe Stablecoins and PT-sUSDe USDe E-modes with LTV up to 87.2% and LT up to 89.2%(high)
  • Include existing PT-USDe-15JAN2026 and PT-sUSDe-15JAN2026 in E-modes to facilitate seamless migration(medium)
  • Enable flashloans for both new PT tokens(medium)
  • Set 45% reserve factor and disable borrowing (borrow cap of 1)(medium)

Notable concerns

  • Both PT tokens have very low initial LTV (0.05%) and LT (0.1%) despite higher E-mode parameters, indicating significant risk concerns
  • Linear discount oracle for PT-USDe shows current discount of 1.38% with max potential 27.28%
  • Linear discount oracle for PT-sUSDe shows current discount of 1.62% with max potential 27.28%
  • Borrowing is effectively disabled (borrow cap of 1) for both tokens
  • No direct compensation received by ACI, though some employees may hold Pendle tokens
ContractsAave V3 Plasma Instance0x37f3a8b02BAbe4dd71acb5f214F22C09AFf607f30x13f2EA8dfa948c5247826283079615Ee4d0A1AA50xac140648435d03f784879cd789130F22Ef588Fcd
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

1,216 words

Simple Summary

This AIP proposes to onboard USDe and sUSDe April expiry PT tokens on Aave V3 Plasma Instance.

Motivation

The previous USDe and sUSDe PT tokens that were onboarded have brought significant inflows to Aave, in preparation for the expiry and rollover we propose to onboard the next expiry of this PT token. We expect at a minimum that deposits will match those in the current expiry PT token, with potentially some sidelined demand.

Asset State

Asset Growth

Ethena’s USDe supply has recently seen a consolidation. The total supply of USDe is now at 6.561 billion. A significant portion of this is staked as sUSDe, with the total supply of the yield-bearing sUSDe reaching over 3.55 billion, reflecting a staking ratio of approximately 54.25%.

Underlying Stability

The market price of USDe remains pegged to $1.00, with no significant deviations from the peg since the 10/10 market crash. From a protocol health perspective, Ethena maintains a solvency ratio of 101.64% and is supported by a Reserve Fund capitalized at over $62.07 million. The historical price chart shows the peg’s stability.

Underlying Stability Source: LlamaRisk, December 12, 2025

Useful Links

https://docs.pendle.finance/ProtocolMechanics/YieldTokenization/PT

Specification

PT-sUSDE-9APR2026: https://plasmascan.to/address/0xab509448ad489e2e1341e25cc500f2596464cc82

PT-USDe-9APR2026: https://plasmascan.to/address/

Migration of Existing PTs

To support a seamless migration from other PT-USDe-15JAN2026 and PT-sUSDe-15JAN2026 assets maturing in mid-January to PT-sUSDe-9APR2026 and PT-USDe-9APR2026, we recommend including PT-USDe-15JAN2026 and PT-sUSDe-15JAN2026 in the newly created respective E-Modes.

PT-USDe-9APR2026

ParameterValue
Isolation Modefalse
BorrowableDISABLED
Collateral Enabledtrue
Supply Cap40,000,000
Borrow Cap1
Debt CeilingUSD 0
LTV0.05 %
LT0.1 %
Liquidation Bonus7.5 %
Liquidation Protocol Fee10 %
Reserve Factor45 %
Base Variable Borrow Rate0 %
Variable Slope 110 %
Variable Slope 2300 %
Uoptimal45 %
FlashloanableENABLED
Siloed BorrowingDISABLED
Borrowable in IsolationDISABLED
Oracle0x37f3a8b02BAbe4dd71acb5f214F22C09AFf607f3
E-Mode CategoryPT-USDe Stablecoins, PT-USDe USDe

Initial E-mode Risk Oracle

ParameterValueValue
E-ModeStablecoinsUSDe
LTV86.4%87.2%
LT88.4%89.2%
LB4.7%3.7%

Oracle details Linear discount oracle

ParameterValue
OraclePT Capped USDe USDT/USD linear discount
USDT/USD OracleCapped USDT/USD
discountRatePerYear4.701%
maxDiscountRatePerYear27.276%
Last Answer (Dec 31th)98620390 ($0.98620390)

PT-USDe Stablecoins E-mode

AssetPT-USDe-9APR2026PT-USDe-15JAN2026USDeUSDT0
CollateralYesYesYesNo
BorrowableNoNoYesYes
LTVSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle-
LTSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle-
Liquidation BonusSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle-

PT-USDe USDe E-mode

AssetPT-USDe-9APR2026PT-USDe-15JAN2026USDe
CollateralYesYesYes
BorrowableNoNoYes
LTVSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle
LTSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle
Liquidation BonusSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle

PT-sUSDe-9APR2026

ParameterValue
Isolation Modefalse
BorrowableDISABLED
Collateral Enabledtrue
Supply Cap100,000,000
Borrow Cap1
Debt CeilingUSD 0
LTV0.05 %
LT0.1 %
Liquidation Bonus7.5 %
Liquidation Protocol Fee10 %
Reserve Factor45 %
Base Variable Borrow Rate0 %
Variable Slope 110 %
Variable Slope 2300 %
Uoptimal45 %
FlashloanableENABLED
Siloed BorrowingDISABLED
Borrowable in IsolationDISABLED
Oracle0x13f2EA8dfa948c5247826283079615Ee4d0A1AA5
E-Mode CategoryPT-sUSDe Stablecoins, PT-sUSDe USDe

Initial E-mode Risk Oracle

ParameterValueValue
E-ModeStablecoinsUSDe
LTV85.5%87.2%
LT87.5%89.2%
LB5.7%3.7%

Oracle details Linear discount oracle

ParameterValue
OraclePT Capped sUSDe USDT/USD linear discount
USDT/USD OracleCapped USDT/USD
discountRatePerYear (Initial)5.596%
maxDiscountRatePerYear27.276%
Last Answer (Dec 31th)98379258 ($0.98379258)

PT-sUSDe Stablecoins E-mode

AssetPT-sUSDe-9APR2026PT-sUSDe-15JAN2026sUSDeUSDT0USDe
CollateralYesYesYesNoNo
BorrowableNoNoNoYesYes
LTVSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle--
LTSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle--
Liquidation BonusSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle--

PT-sUSDe USDe E-mode

AssetPT-sUSDe-9APR2026PT-sUSDe-15JAN2026sUSDeUSDe
CollateralYesYesYesNo
BorrowableNoNoNoYes
LTVSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle-
LTSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle-
Liquidation BonusSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle-

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for both asset listed

Disclaimer

ACI is not directly affiliated with Pendle and did not receive compensation for the creation of this proposal. Some ACI employees may hold Pendle tokens.

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

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04Actions

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